1622 E Main St
Prime Development Site on two major roads with lighted intersection.
Marketing description
RETAIL REDEVELOPMENT FOR SALE 1622 E Main Street Salem, VA 24153 Attention investors and developers! Don't miss out on this amazing opportunity to acquire this prime retail redevelopment property located at 1622 E Main Street in the heart of Salem, VA. Situated on a hard corner with a signalized intersection and multiple access points, this property offers maximum visibility and convenience. Plus, it is located in the City of Salem's Interstate 81 District South Opportunity Zone, providing potential tax benefits for investors. Spanning up to 2.25 acres and zoned for central business district (CBD) use, this property holds incredible potential for redevelopment according to your vision. With an asking price of only $1,975,000.00, this is an excellent opportunity to make your mark in the thriving Salem market. Surrounded by a strong population of over 46,000 within a 3-mile radius and an average household income of $65,413, this location offers a highly desirable customer base. Contact our experienced team at Thalhimer today to learn more about this RETAIL REDEVELOPMENT FOR SALE.
Investment highlights
Hard corner signalized intersection
Multiple access points
Situated in the City of Salem’s Interstate 81 District South Opportunity Zone
Temporary deferral of taxes on previously earned capital gains
Stepped-up basis of previously earned capital gains invested by 5 and 7-year holding periods
Exclusion of taxable income on new gains when holding for a period of at least 10 years
0.706
Zoning: CBD
Redevelopment opportunity
Asking Price: $1,300,000
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